Jan 24 (Reuters) – Microsoft Corp (MSFT.O) forecast cloud revenue for the current quarter at just below Wall Street expectations, dampening some enthusiasm for its beat on quarterly profit earlier on Tuesday. Shares initially rose sharply in after-hours trading but lost steam after the company’s cloud forecast. Microsoft said its third-quarter intelligent cloud revenue would be $21.7 billion to $22 billion, while analysts forecast $22.14 billion. In the second quarter, Microsoft’s cloud services business helped offset a slump in the personal computer market. Those results will likely allay fears of a meltdown in the tech industry which has laid off tens of thousands of employees this year in anticipation of an economic downturn. Microsoft said Azure cloud product revenue rose 31% in the quarter, in line with estimates compiled by Visible Alpha, while its broader Intelligent Cloud division posted revenue of $21.5 billion, versus a Wall Street consensus of $21.4 billion compiled by Refinitiv. Azure could get a boost from cloud spending from the growth of artificial intelligence. "There’s a variety of ways that we can bring that technology either in specific offerings or to improve existing offerings," said Brett Iversen, Microsoft’s head of investor relations, referring to OpenAI, […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
